Collective Benefits, the insurance tech platform, raises £3.3m seed round to build the first safety net for the gig economy
Portable benefits and insurance products built specifically for the self-employed to solve the growing protection gap
London, UK. 25 February 2020 — Collective Benefits announced today the closing of £3.3 million in funding from Stride.VC alongside existing investors Delin Ventures, Insurtech Gateway and several high profile angels with experience in building some of the largest gig platforms including Uber, Deliveroo, and Urban.
Collective Benefits is aimed at tackling the growing protection gap created by the gig economy, in which self-employed workers often do without basic benefits such as family leave and sick pay, let alone the essentials needed like mental health support and critical injury pay.
The startup is building a tech platform that gives gig workers access to a full range of affordable, portable protections and benefits they need and deserve so they can work and live without worry.
Collective Benefits is already working with a number of on-demand service platforms who are giving their workforces access to these benefits. The startup will use the funding to further their growth and offering for gig platforms. A consumer service aimed at freelancers will follow later this year.
Anthony Beilin, CEO and Co-Founder of Collective Benefits says, “There are six million self-employed workers in the UK, which includes both higher-paid freelancers and gig economy platform workers. Yet, neither group typically has a safety net – no holiday pay, no family leave, no mental health support, not even paid sick days. We are building Collective Benefits so that the gig economy workers are covered by the same protections typically reserved for full-time employees.”
Collective Benefits has built the first benefits platform specifically for the self-employed that will serve the entire gig economy ecosystem.
- For gig platforms:
Collective Benefits makes it easy and effective to boost loyalty, reduce churn and talent acquisition costs by giving platforms an easy way to give their workforce the protections and benefits they want and need, including sick pay, family leave, and mental health support.
- For self-employed freelancers:
Collective Benefits makes it affordable and easy for freelancers to choose the protections they need to create the safety net they never had. Freelancers join as members to access benefits secured at the lowest possible price for the collective.
Fred Destin, partner at Stride.VC says, “We’re seeing services platforms gain unstoppable momentum in every segment of our lives, from rides to food delivery to freelancing. We need a new playbook. Collective Benefits addresses one of the core challenges in this brave new world of work, using technology to design and deliver a new type of safety net to all the participants in this fast-growing part of our economy.”
Robert Lumley, Director and Co-founder of Insurtech Gateway, says, “The insurance industry faces a massive challenge in keeping up with the extraordinary growth in self-employment. Collective Benefits has created entirely new insurance products for the self-employed not addressed by traditional insurers and accessible through a flexible tech platform that allows them to get the cover they need.”
About Collective Benefits:
Founded in 2019, Collective Benefits is a venture-backed insurtech platform building tailored insurance products for the self-employed to give them easy, affordable access to the safety net they need and deserve. Collective Benefits was founded by Anthony Beilin (CEO), former global head of innovation at Aviva, and Benjamin Hay (COO), ex-leadership team at Virgin Unite, Sir Richard Branson’s entrepreneurial foundation.